Consumers remain wary of chatbots and voice interfaces in financial services for privacy concerns

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September 18, 2020, 5:40 PM UTC

Forrester evaluated chatbot offerings of over 150 global financial services firms to understand chatbot capabilities and consumer sentiments around it.

The study found that chatbots are not yet equipped to handle “any and all financial tasks.” While around a third of consumers trust chatbots to handle simple financial tasks, almost two-thirds don’t trust chatbots to manage complex financial tasks.

Due to the complexity of financial interactions and privacy concerns – consumer expectations, use and comfort with chatbots and voice assistants – in financial services lag behind other sectors. Only a fraction of Americans and Europeans use voice assistants to interact with their financial service providers.

The functionality in chatbots launched or being tested by financial services firms are still limited. This is because conversational experiences are still in the early stages of maturity.

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